NEWS RELEASE 05/23/05

Norwalk, CT, May 23, 2005—At its May 16 Board of Trustees meeting, the Financial Accounting Foundation (FAF) approved two appointments. Marcia L. Taylor, assistant manager of Mt. Lebanon, Pennsylvania, was named to a five-year term as a member of the Governmental Accounting Standards Board (GASB), effective July 1. Ms. Taylor will replace Paul R. Reilly who is completing the maximum 10 years that a Board member may serve. The Foundation also reappointed Board member William W. Holder for a second five-year term. His new term will commence on July 1.

Robert E. Denham, chairman of the Financial Accounting Foundation, said, “The Foundation is fortunate to have recruited Marcia Taylor, whose strong background in public finance will make her an outstanding GASB Board member.” Commenting on the appointment of William W. Holder, Mr. Denham stated, “Bill Holder has made outstanding contributions to the GASB. The Foundation’s Trustees are pleased that the GASB will continue to benefit from his expertise.”

Ms. Taylor, who is a certified public accountant and a certified government financial manager, earned a bachelor’s degree in business administration-accounting from Bucknell University and a master’s degree in public management from Carnegie-Mellon University. Prior to becoming assistant manager of Mt. Lebanon, Pennsylvania, in 1990, she was director of finance for Mt. Lebanon for 11 years. She also served on the audit staff for a CPA firm now part of KPMG that audited government, non-profit, college and hospital entities.

Ms. Taylor served four years as a member of the FAF’s Governmental Accounting Standards Advisory Council (GASAC) as the International City/County Management Association’s (ICMA) representative and was chair of GASAC’s communication and public relations committee. She is also an active member of the Government Finance Officers Association and several other professional organizations. Ms. Taylor is an adjunct instructor at the Graduate School of Public and International Affairs, University of Pittsburgh.

William W. Holder joined the GASB in 2000. He is the Ernst & Young Professor of Accounting at the University of Southern California. Mr. Holder has been active in numerous professional organizations and has a bachelor’s degree from Oklahoma State University and a master’s and doctorate degree from the University of Oklahoma. He is a CPA and has published extensively in the area of governmental financial reporting.

About the Financial Accounting Foundation

The Financial Accounting Foundation is responsible for overseeing, funding and selecting the members of the FASB and the GASB. For more information on the organizations it oversees, visit the Foundation’s websites at www.gasb.org and www.fasb.org.

About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community. More information about the GASB can be found at its website www.gasb.org.